Debt Management Info Blog

phil o asked:


As i said in my previous question i am on a Debt management Programme with LA Debt. All is going ok and the phone calls have stopped from the creditors. However, i’ve had to include another big debt which has taken me to cc £20000 of debt now. LA Debt have re-arranged the plan f.oc which was good but now they are suggesting an IVA. Its been explained to em and i’ve looked on their website (www.ladebt.co.uk) it all seems to good to be true. Can i really pay £212 per month for the next 60 months and be ut of debt.
i know this is done under a government scheme under the Insolvency Act. I’m going to go ahead with it unless any one can suggest otherwise.

cathy w asked:


We are in debt and have st up a debt management plan but it is so unrealistic.

We owe 40k and they have said that it will run for 25 years!!

We were told that there was no pint in going for an IVA because 40% of our debt is with Northern Rock.

As I see it our only option is bankruptcy but this will not benefit anyone as the creditors will stand to gain less than if we paid an IVA.

Why do they do it?!!

Please do not give harsh or unpleasant replies. I do not know how the debt has mounted up. We do not have flash cars, do not go on holidays, do not drink, smoke or do anything excessive.

We have two young children so I can only work 20 hours a week but my husband works 60+ hours so we don’t just sit on our arses.

high t asked:


We are thinking about getting a debt management plan put in place but where do we start? So many people are telling us different things but not of them have been through it! Has anyone gone through IVA and how did you find that?

bekkibex asked:


i owe 40k in secured debt and 35k in unsecured, if i go bancrupt will it wipe the secured debt too? even if its in joint names? im currently on a debt management plan for the unsecured stuff. i have two children and a mortgage.
ive tried an iva with 3 different companies and i couldnt afford the £250 a month minimum payment as the secured loan is £500 out my money on its own. what happens when you go to court? are your creditors all there?

lou lou asked:


Can anyone recommend a secured loan.

Our options are:

An IVA (but we don’t want to lose equity from our home)
or
A Debt Management plan which leaves us only 100pcm spare for next 5 years which means that not only do we suffer but so does our son
or
keep paying for loans that only have 2 years left on them and consolidate the rest - this means we will be seriously skint for next 2 years but after that can resume a decent standard of living…

Can anyone help? We are at our wits end… We have got ourselves into such a mess and it has all spiraled out of control. We don’t want to default on any payments, up until now we haven’t missed a single one, but we can’t keep on as we are… Help?
Thankyou so much to everyone who’s answered so far xx

Kerry asked:


Ive got to have a enhanced CRB for work but recently started a Debt plan , which is not a IVA nor bankrupcy , will this show up on CRB or even iva’s and bankruptcy??

Mustafa Leek asked:


I’m currently arranging an IVA due to debts that I can no longer afford, but keep getting drop calls from them.
Apparently, so they say, they are allowed to call me twice a day, which quite frankly is irritating, and in my eyes - harrassment.
Have you had such calls?

If you want to have some fun, and get your own back as I am doing, phone in the UK 0870 759 1159 and put the phone down when they answer.
Risk Management Alternatives are going to have a busy day :-))))) :-))) :-0

D P asked:


what is the difference between an iva and a debt consolidation,and how does this effect your credit score?

clairelington asked:


I need some advice despretley. About a year ago my husband and i had bad money troubles and had to go down the route of debt consolidation, on which we still pay every month. The trouble is, since then i have had a baby and suffered bad post natal depression where my husband has temperally gave up work to help me. although we did declare all debt at the time we did have some active clear credit cards on which unfortunatly we have now got into 7000 more debt with and cant afford the minimum payments anymore. Has anyone got any advice of what we should do?
do we contact the existing debt consolidation company and explain? please help…..

sweetpea asked:


Just a warning - if you are on an IVA at present DO NOT trust a letter you would of probably already received or you will soon from this company, they are a fraud!!!
BE CAREFUL!!!
Their website is a clone of some other debt management company.
check out the following -
http://www.moneysupermarket.com/community/forums/t/the-iva-council-do-not-believe-their-claims-12677.aspx
http://www.debtquestions.co.uk/debt_forum/viewtopic.php?f=4&t=21367